Answered: A nation can achieve higher economic…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter7: Economic Growth: Theory And Policy

Section: Chapter Questions

Problem 2DQ

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Question

A nation can achieve higher economic growth if:

Question options:

a) the productivity of labor declines.

b) more resources are allocated to consumption goods.

c) it devotes more resources to research and development.

d) taxes are imposed on investment in capital.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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